Solana price fell about 5% from its July 27 high near $77 to $73 on July 28 as a break below short-term support triggered long liquidations.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n According to data from crypto.news, Solana (SOL<\/a>) price traded near $73.20 at the time of writing after falling from an intraday high around $77 during the previous session. The move represented a decline of about 5% from peak to trough.<\/p>\n The pullback followed SOL\u2019s latest rejection from the upper half of a descending channel visible on the 4-hour chart. Buyers pushed the token toward $77 on July 27 but failed to challenge the channel\u2019s upper boundary or the wider $78 resistance area.<\/p>\n Selling accelerated after SOL lost the $75 level, which had supported several earlier intraday rebounds. The token subsequently fell toward $73 before entering a narrow consolidation range.<\/p>\n <\/p>\n The daily chart showed SOL trading below the Murrey Math major support-and-resistance pivot at $75. Its July 28 candle recorded a low of $72.86, although buyers prevented a sustained fall below $73.<\/p>\n SOL\u2019s decline also came as capital showed a preference for Ethereum. ETH recently reclaimed $1,900, while SOL remained trapped below its July resistance range.<\/p>\n Crypto trader Daan Crypto Trades noted<\/a> that the pair was beginning to lose its horizontal support area.<\/p>\n \u201c[Solana] needs to break this local consolidation before we can start looking at the range high again.\u201d<\/p>\n<\/blockquote>\n Daan added that Ethereum\u2019s recent strength against Bitcoin had left Solana behind, making the ETH ecosystem more attractive while SOL remained weak.<\/p>\n The three-day CoinGlass liquidation heatmap shows that Solana\u2019s slide cut through several leveraged trading zones between $75 and $73.<\/p>\n SOL first dropped sharply below $75 before falling through another band of liquidity around $73. The move likely forced leveraged long traders to close their positions, adding market sell orders to an already weak spot market.<\/p>\n The heatmap shows that the largest nearby concentrations now sit on both sides of the current price. A bright liquidity band has formed around $72.40\u2013$72.70, while additional clusters are visible near $73.80\u2013$74.20.<\/p>\n This positioning could keep short-term price action unstable. A move below $73 may attract SOL toward the lower liquidity pool, while an initial rebound could target the accumulated positions around $74.<\/p>\n Further liquidation interest is visible near $75 and $76.50. Those levels could act as upside targets if buyers regain control, but they may also become resistance because traders caught in the decline could use a recovery to exit positions.<\/p>\n The liquidation data support the view that derivatives positioning magnified the decline. However, the charts alone do not establish that institutional sell blocks caused the move.<\/p>\n Solana remains inside a descending parallel channel that has guided its 4-hour price action since the early-July peak above $83. The channel has produced a sequence of lower highs, including rejections near $79 and $77.<\/p>\n SOL is now approaching the channel\u2019s lower half. The lower boundary sits close to $70, making that level the next broader technical support if $73 fails.<\/p>\n The 4-hour relative strength index has fallen to 35.57, below its signal average of 47.33. The reading shows that sellers control short-term momentum, although SOL has not yet entered the conventional oversold zone below 30.<\/p>\n Aroon readings also favor the downside, with the stronger line at 78.57% compared with 57.14% for the opposing measure. The indicator reflects the recency of price highs and lows rather than the size of a move, but its current configuration is consistent with SOL\u2019s recent lower low.<\/p>\n On the daily chart, the average directional index stands at only 11.54. An ADX reading below 20 normally indicates a weak trend, suggesting SOL is still consolidating rather than entering a confirmed directional breakdown.<\/p>\n That weak reading leaves room for false moves around support. SOL could briefly sweep liquidity below $73 before recovering, particularly if selling pressure in the derivatives market eases.<\/p>\n The first level buyers need to recover is $74. A move above that area would allow SOL to challenge the $75 pivot, which has changed from support into near-term resistance.<\/p>\n A daily close above $75 would weaken the immediate bearish case. Bulls would then need to clear $77\u2013$78 and break above the descending channel to reopen a path toward the July high around $83.<\/p>\n Failure to reclaim $75 would leave SOL exposed to another test of the $72.50 liquidation cluster. Below that area, the channel boundary near $70 becomes the next likely target.<\/p>\n The daily Murrey Math chart places the bottom of the broader trading range at $68.75. That level may provide stronger support if a breakdown below $70 develops. A deeper correction could then extend toward the $62.50 pivot, although the current low ADX reading does not yet confirm such a move.<\/p>\n US investors are also awaiting the Federal Reserve\u2019s next policy decision. Interest-rate expectations, movements in the dollar and Treasury yields can affect demand for high-risk assets such as SOL.<\/p>\n Treasury yields eased on July 28, while oil prices also fell as markets responded to renewed hopes for diplomacy in the Middle East. Brent traded below $87 and US crude near $81, reversing part of the inflation-driven pressure seen earlier in the week. The pullback reportedly followed a pause in attacks and renewed hopes for a US-Iran agreement.<\/p>\n That means SOL\u2019s latest decline appears more closely linked to its technical breakdown and leveraged positioning than to a fresh rise in oil or Treasury yields. The Fed decision could still determine whether US liquidity conditions help SOL recover $75 or push it toward lower support.<\/p>\n\n
Solana price drops back toward $73<\/h2>\n
![\"SOL](\"https:\/\/media.crypto.news\/2026\/07\/SOLUSDT_2026-07-28_17-49-38.webp\")
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Long liquidations accelerated the sell-off<\/h2>\n
![\"SOL](\"https:\/\/media.crypto.news\/2026\/07\/SOL-Liquidation-Heatmap3-day-2026-07-28_17_51_32.webp\")
SOL indicators point to weak momentum<\/h2>\n
![\"SOL](\"https:\/\/media.crypto.news\/2026\/07\/SOLUSDT_2026-07-28_17-51-11.webp\")
Solana price levels to watch next<\/h2>\n
Fed decision adds risk for US traders<\/h2>\n